Bitwise CIO Says Spot Bitcoin ETF Growth Will Continue for Years

As previously reported, the United States Securities and Exchange Commission (SEC) submitted a budget request of USD 2.594 billion, or the equivalent of IDR 40.9 trillion (exchange rate of IDR 15,780 per US dollar) for the 2025 fiscal year to supervise the crypto market.

In the Congressional Budget Justification or 2024 budget requirements document, the US Exchange requested an additional USD 158 million or the equivalent of IDR 2.5 trillion from this year's budget of USD 2.446 billion.

SEC Chairman Gary Gensler believes that technology is rapidly changing the crypto market and business models. The additional budget was proposed to address significant growth and changes in the crypto market.

“There has been a dynamic change in communication to and between investors, from Reddit forums to celebrity influencers,” Gensler said, quoting the cointelegraph page, Monday (25/3/2024).

“Furthermore, we have seen the crypto market in Wild West territory, rife with non-compliance, where investors have put their hard-earned assets at risk in highly speculative asset classes,” he said.

Gensler said the change meant the potential for creating various errors. So the SEC as the police who handles this case must be able to deal with criminals.